In the Acquisition and Expenditure Process,the Auditor Gathers Evidence to Evaluate

question 71

Multiple Choice

In the acquisition and expenditure process,the auditor gathers evidence to evaluate management's assertions about the presentation and disclosure of the accounts in the business process.These assertions are

• A)Occurrence and rights and obligations - disclosed events and transactions are expressed and pertain to the company.
• B)Completeness - all disclosures that should have occurred have occurred.
• C)Classification and understandability - financial information is appropriately presented and described.Disclosures are clearly expressed.
• D)Accuracy and valuation - financial information and all other information is disclosed appropriately and at fair amounts.
• E)Existence or occurrence - for classes of transactions.

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Definitions:

Slavery

An arrangement where persons are held by others, stripped of their individual freedom, and obligated to engage in labor or services.

Aspirations

Aspirations refer to strong desires, longings, or ambitions for achieving something, often implying a strategic plan or a set goal in one's personal or professional life.

Executive Branch

The division of government responsible for implementing and enforcing laws, headed by the president or prime minister.

Legislative Branch

A part of a government responsible for making laws, often comprising a parliament or congress, divided into two houses in some countries.